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Industry Spotlight > Broker Dealers

Lincoln Speeds Up Share Repurchase

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A large insurer is taking more of its stock off the market.

Lincoln National Corp., Philadelphia, says it has entered into an agreement to buy shares of its common stock from an outside broker-dealer through a previously announced, $350 million accelerated stock repurchase program.

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Lincoln National hopes to complete the deal by Sept. 30, and it notes the actual number of shares to be repurchased will depend on a variety of factors.

The company reports that it spent $161 million during the first quarter to buy 2.4 million shares back through another program, and that it still has the authority to spend $2.14 billion more on buying back company stock.